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This is Matt Rice with the Market Line Report for Thursday, August 10th. Corn yields lower than expected, which could be due to hot, dry weather among many other factors. Let’s go to Terry Roggensack for more from the floor of the CME in Chicago.

Roggensack “Good day, this is Terry Roggensack with the High Tower report. We’re looking at the Corn Market today from the floor of the CME Group, Trading Floor. The Corn Market is cheap right now, we think, 3-75 to 3-80 are. For December Corn, seems awfully cheap to us, but the reason we’re down here is because the 29 year high in US beginning stocks for the new crop season.”

Chicago Sept Wheat prices closed yesterday up 2 ½ at 4-59. Sept corn was also up 2 ½ on the day to finish up at 371 ½.

Portland prices for soft white wheat of Ordinary Protein for September ended the day 2 ½ -unchanged, ranging from 5-04 ½ to 5-32. Hard Red Winter wheat with 11 ½ % protein, prices for September were up 3 ¼ ranging from 5-48 ¾ to 5-68 ¾. DNS wheat with 14 % protein, prices for September were up 2 ¾, ranging from 8-34 to 8-44.

Live Cattle for Oct were dn $2.55, at 108.07 ½. Sept Feeder cattle were dn $4.50 at 142.15. Sept Class III milk was up 44 cents at 16-82.